Business Acquisition - where to allocate?
Looking for a little advise please :) The business has purchased another business as a going concern. The total amount is a combination of IP/URL/Website/1300 plus stock. The owners took out a small loan to make the initial payment (I have created a long term liability and applied it there. The remainder owing is on a long term payment plan. How do I reflect this sale in the Chart of Accounts. The business tracks inventory (via items). We have reached out to the accountant who is away atm. Help very much appreciated.
Chart of Accounts for Self Managed Strata Company
Hi, I am the new (and first) treasurer of a new self-managed small (20 lots) Strata Company. I am looking for advice how to best setup the Chart of Accounts. Especially how to keep track of the legally required distinction between Admin Funds and Reserve Funds. The quarterly Strata levies contain a Reserve Fund and an Admin fund component. They are paid into the same Bank Account. However at any point in time I need to be able to determine how much each of these funds contain. Day-to-day running expenses will be taken out of the Admin Fund and only major repair maintenance works come out of the Reserve Fund. We will also need to keep track of Construction Bonds. But I guess once I got an understanding how to model the Admin Fund vs the Reserve Fund the Construction Bonds could be managed similarly. Thanks